Contract Cancellations

Last month, new home contract cancellations hit 14.5%, their highest level in years outside of 4/20’s Covid-tainted peak of 16.5% and are 30% above their seasonally adjusted pre-Covid rate. Similarly, the percentage of pending-home sales that fell out of contract in June hit 14.9%, their highest level in years excluding the Covid-19 induced 3/20 peak of 17.6% and are 20% above the pre-Covid rate of about 12.5%.